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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin (BTC) Price Could Accelerate If It Breaks $10,600

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin price rebounded recently and climbed above the $10,200 resistance against the US Dollar.
  • The price is currently trading nicely above $10,300, but facing hurdles near $10,500 and $10,600.
  • There is a connecting bullish trend line forming with support near $10,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to climb higher if it breaks the $10,600 resistance area in the near term.

Bitcoin price is correcting higher with a positive bias above $10,200 against the US Dollar. BTC could continue to rise if it breaks the $10,500 and $10,600 resistances.

Bitcoin Price Analysis

This past week, we saw a sharp decline in BTC below the $10,000 support against the US Dollar. The price traded towards the $9,500 support and recently started an upside correction. It traded above the $10,000 resistance level to move into a short term positive zone. Moreover, there was a break above the $10,200 resistance and the 100 hourly simple moving average.

However, the price is facing a few important hurdles near the $10,500 and $10,600 resistance levels. Already, there were a few attempts to surpass the $10,500 and $10,600 resistances, but the bulls failed. The last swing high was formed near $10,513 and the price is currently declining. It traded below the $10,400 level plus 23.6% Fib retracement level of the recent leg from the $9,998 low to $10,513 high.

On the downside, there is a decent support forming near the $10,250 and $10,200 levels. Additionally, there is a connecting bullish trend line forming with support near $10,250 on the hourly chart of the BTC/USD pair. Bitcoin price might also find strong bids near the $10,225 level and the 100 hourly SMA. If the bulls fail to defend the $10,200 support, the price could decline back to $10,000.

On the upside, the price is clearly facing a strong resistance near the $10,500 and $10,600 levels. Therefore, a convincing break above the $10,600 level is needed for the bulls to gain traction. In the mentioned case, the price could accelerate higher towards the $10,800 and $11,000 resistance levels.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is approaching a crucial breakout point and it could either climb above $10,600 or start a fresh decline below $10,200. As long as there is no close above $10,500 and $10,600, the price remains at a risk of more losses. The main supports below $10,200 are near $10,000 and $9,800.

Technical indicators:

Hourly MACD – The MACD is likely to move back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major Support Levels – $10,200 followed by $10,200.

Major Resistance Levels – $10,500, $10,600 and $10,650.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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